Preliminary Preliminary
April May May Positive Increase
2024 2024 2023 (Negative) (Decrease)
Assets:
Cash and investments 90,738,271$ 98,033,747$ 95,136,534$ 2,897,213$ 3.05 % Restricted cash 7,618,293 7,403,197 6,605,628 797,569 12.07 Accounts receivable, net 944,356 764,735 704,339 60,396 8.57 Due from other funds 18,184 18,665 10,000 8,665 (1) 86.65 Prepaid items 623,124 323,957 291,406 32,551 11.17 Deposits 125,000 125,000 125,000 - - Total Assets 100,067,228$ 106,669,301$ 102,872,907$ 3,796,394$ 3.69 % Liabilities:
Accounts payable -$ 10,478$ 161,636$ (151,158)$ (2) (93.52) % Wages & payroll taxes payable 16,607 247,968 9,291 238,677 (2) 2,568.91 Deposit & deferred revenues 4,620,485 4,615,495 6,998,957 (2,383,462) (3) (34.05) Total Liabilities 4,637,092 4,873,941 7,169,884 (2,295,943) (32.02) Fund Balance:
Nonspendable 748,124 448,957 416,406 32,551 7.82 Restricted 7,797,013 7,581,917 (4) 6,757,554 824,363 12.20 Committed 71,360,064 71,360,064 (5) 48,807,175 22,552,889 46.21 Assigned 3,821,903 3,561,440 2,214,909 1,346,531 60.79 Unassigned 11,703,032 18,842,982 37,506,979 (18,663,997) (49.76) Total Fund Balance 95,430,136 101,795,360 95,703,023 6,092,337 6.37 Total Liabilities and Fund Balance 100,067,228$ 106,669,301$ 102,872,907$ 3,796,394$ 3.69 % - - -
Fund Balance:
Beginning Balance on July 1 91,561,603$ 91,561,603$ 86,781,040$ 4,780,563$ 5.51 Revenues 39,813,484 50,101,306 45,815,905 4,285,401 (6) 9.35 Interfund Transfers-in 1,315,603 1,603,873 1,482,927 120,946 8.16 Total Revenues & Transfers-in 41,129,087 51,705,179 47,298,832 4,406,347 9.32 Expenditures 36,869,004 41,078,772 37,416,700 (3,662,072) (7) 9.79 Interfund Transfers-out 391,550 392,650 960,149 567,499 (59.11) Total Expenditures & Transfers-out 37,260,554 41,471,422 38,376,849 (3,094,573) 8.06 Total Fund Balance 95,430,136$ 101,795,360$ 95,703,023$ 6,092,337$ 6.37 % (1)
(2)
(3)
(4)
(5)
(6)
(7)
Liabilities and Fund Balance:
The deposit and deferred revenues has a net decrease of $2.4m due to ARPA funds being spent in prior fiscal year.
The restricted fund balance includes $6.9m PARS Trust balance, $0.5m economic development loans, and $0.2m CASp fee.
City of Camarillo
General Fund
Comparative Balance Sheet
April 30 and May 31, 2024, and May 31, 2023 - Preliminary Year over Year
Accounts and wages payable increase (decrease) is due to normal fluctuations during the fiscal year along with processing payables weekly instead of bi-weekly and the timing of when payroll is incurred versus paid.
Year-to-date expenditures increased by $3.7m compared to prior fiscal year primarily due to an increase of $3.8m in non-departmental related to fund consolidation from internal service funds to the General Fund, $0.6m in public safety, $0.5m in CIP administration, $0.2 in highways & streets, and $0.1m in community & human services, offset by decreases of $1.0m in cultural art & library services and $0.5m in city council.
Year-to-date revenues increased by $4.3m compared to prior fiscal year, and includes increases of $2.3m in miscellaneous, including charges related to fund consolidation from internal service funds to the General Fund, $1.7m in investment earnings, $0.4m in property tax and $0.3m in subventions and grants, offset by a decreases of $0.3m in charges for services and $0.1m in licenses and permits.
Pursuant to GASB 54, City Council adopted a Resolution committing $71.4m of the General Fund Balance for the fiscal year ending June 30, 2023 as listed in the table below:
Due from other funds increase is due to a loan to the CDBG fund for the purchase of an affordable housing property.
Reserve Level Policy - Council Goal of 50% $30,375,064 $30,375,064 Building & Grounds Capital Projects 4,550,000 4,550,000 Camarillo Springs Debris Barrier Remediation Maintenance 200,000 200,000 Capital Improvement Projects 9,021,000 9,021,000 Continuum of Care 3,814,000 3,814,000
Economic Development 5,400,000 5,400,000
Natural Disaster Recovery 10,000,000 10,000,000 Pleasant Valley Recreation & Park District (Senior Center) 8,000,000 8,000,000 Total Commitment $71,360,064 $71,360,064
GASB 54 Commitment of Fund Balance Authorized
@ 6/30/23
Remaining
@5/31/24